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DISCLAIMER
“The positions expressed are those of the authors and do not necessarily reflect the official opinion of the European
Union. Neither the European Union nor any person acting on behalf of the European Union is responsible for the use
which might be made of this information. Neither the European Union nor the ElanBiz consortium members are
responsible or may be held accountable for any loss suffered as a result of reliance upon the content of this Fact Sheet.”
Fiche ELANBiz: Country Profile COLOMBIA
Official Name: Republic of Colombia
Official Language: Spanish
Currency: Colombian peso
Area: 1 141 748 km2
Population:48,6 million inhabitants1
Capital: Bogotá D.C
Main cities: Bogotá D.C., Medellin, Cali, and Barranquilla
Economic indicators
GDP: 377.7 billion US$2
GDP per capita: 7.903 US$3
Central government debt / GDP: 42,5%4
Direct foreign investment: 12,1billion US$5
Imports: 54 billion US$ FOB
Exports: 35,6 billion US$FOB6
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2
3
4
www.dane.gov.co
http://data.worldbank.org/indicator/NY.GDP.MKTP.CD/countries
http://data.worldbank.org/indicator/NY.GDP.PCAP.CD
http://www.irc.gov.co/portal/page/portal/irc/es/infodeudapublica/infoestadistica/Informe%20anua
l%202015.pdf
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http://www.banrep.gov.co/es/info-temas-a/2297
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http://www.dane.gov.co/index.php/estadisticas-por-tema/comercio-internacional
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Fiche ELANBiz Country profile Colombia
Basic information
Ranking “Doing Business del World Bank”: 54
GDP growth rate
2011
2012
2013
2014
2015
Source:
6,6%
4%
4,9%
4,6%
3,1%
www.dane.gov.co
2011
2012
2013
2014
2015
3,7%
2,4%
1,9%
3,7%
6,77%
Source: www.dane.gov.co
Current account deficit(Million US$)
2011
2012
2013
2014
2015
-9.700
-11.300
-12.300
-19.700
-19.200 (e)
Source:
http://www.banrep.gov.co/sites/default/files/paginas/bie.pdf
Exchange rate €
2011
2012
2013
2014
2015
2016
2531
2416
2492
2765
3252
3656
Source:
http://ec.europa.eu/budget/contracts_grants/info_contracts/infore
uro/inforeuro_en.cfm
Economic Profile
Colombia is characterized by its great economic stability. The government has never
incurred in default or had to renegotiate the country’s foreign debt.
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Fiche ELANBiz Country profile Colombia
Inflation rate
Colombia has a high growth rate of 4,7% on average over the past ten years despite its
internal conflict. Economic growth slowed to 3,1% in 2015 as a result of the fall in
international prices of the main commodities (oil and coal) that are exported. However,
the implementation of a large infrastructure program promoted by the government,
should allow a more dynamic economy in the coming years. According to the IMF,
outlook is not so favorable for 2016, with an economic growth estimated to 2,6%.
However, economic growth will increase gradually in medium term to reach 4,3% in
2020. It will be supported by the 4G infrastructure program and by certain recovery of
traditional exports and of oil prices7.
If the Central Bank has been very successful in its task of controlling inflation in the
target range (between 2 and 4%) in recent years, we can observe a rise in inflation
during 2015 (6,77%) mainly due to the devaluation of the Colombian peso against the
dollar (32% during the last 12 months), which increases the cost and price of inputs
and raw material. Climatic factors also explain this trend (“the niño phenomenon”).
As a result of the fall in international prices of commodities exported by Colombia
mainly to the United States, China and the European Union, the trade surplus threw
until 2013 became a deficit of 15.900,000 Million US$ FOB in 2015.
Colombia has many advantages for foreign investors within which the nondiscriminatory rules of foreign investment, a strategic access to others regional markets,
the existence of an emerging middle class that is increasing (27% of the population
right now8).
Colombia has an investment grade since 2011 and its ratings are now BBB (S & P and
Fitch) and Baa2 (Moody's) with a stable (Fitch and Moody’s) or negative (S&P) outlook.
It is a country with good access to multilateral loads and to financial markets.
Finally, the Colombian financial sector is characterized by its strength and tight control
kept by the Financial Superintendence.
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http://www.elheraldo.co/economia/economia-colombiana-crecera-25-en-2016-segun-fmi249723
8
http://publications.iadb.org/bitstream/handle/11319/6878/Pobreza-vulnerabilidad-y-la-clasemedia-en-America-Latina.pdf?sequence=4
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Fiche ELANBiz Country profile Colombia
Colombia has a diversified economy, marked by many sectors within which are: the
energy sector – oil and coal (7% of GDP), manufacturing (11% of GDP), construction
(7% GDP), agriculture (6% of GDP) and services in general (46% of GDP).
Ease of doing business
Colombia is ranked 54 in the rating “Doing Business” of the World Bank in 2015. The
following table shows the ranking obtained in each of the analyzed areas:
Ranking
84
Dealing with Construction permits
38
Getting electricity
69
Registering Property
54
Getting credit
2
Protecting minority investors
14
Paying taxes
136
Trading Across Boarders
110
Enforcing contracts
180
Resolving insolvency
30
Source: Banco Mundial, http://www.doingbusiness.org/rankings
Foreign trade and investments
The main trade partners of Colombia are the United States (27% of foreign sales and
28% of imports), the European Union (17% of sales and 15% of imports) and China
(exports to China decreased 60% in 2015 but this country still represents 18% of
imports). The main EU export destinations is Germany (1,3% of total sales). The first
EU providers of Colombia are Germany (4,1% of total imports) and Spain (1,7%).
Colombia has a trade surplus with the European Union. In 2015, the country’s exports
to the EU region strongly decreased (-18% compared to 2014), to settle at 6.713
Million euros as a consequence of the fall of coal and oil exports (32%). EU exports to
Colombia has increased (+3,1%) to reach 6,544 Million euros.9
The main foreign investors in Colombia in 2015 (January-September) were the United
States (28%of total), Spain (18%), France (7%). Germany (6%), Japan (4%) and China
(4%). 10
9
EU Delegation to Colombia and Ecuador – Data extracted on 04/04/2016 -Eurostat
10
http://inviertaencolombia.com.co/publicaciones/estadisticas-ied-en-colombia.html
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Fiche ELANBiz Country profile Colombia
Área
Starting a business
Colombia has several regional economic centers of great importance for business. The
capital, Bogota concentrates all central government institutions and represents 25% of
national GDP. Medellin, representing Antioquia department and 13% of national GDP,
is characterized by economic dynamism driven by the presence of large companies in
various sectors (financial, food processing, industrial, construction). Companies have
been expanding in recent years to new regional and international markets. The cities of
Cali, Barranquilla, and Bucaramanga should also be referred to people who are
interested in doing business in Colombia. Now it is important to note that many
intermediate cities are experiencing strong economic growth driven by the emerging
middle class also becoming a source of business opportunities. Among the cities with
the highest economic development it is possible to mention, among others, Ibague,
Santa Marta Valledupar, Villavicencio Yopal and Neiva.
Infrastructures
Colombia has 13international airports. The operation of the country's main airport, El
Dorado International Airport in Bogota will be complemented by the construction over
the next four years of a new terminal with an area of 1,300 hectares.
Seaports concentrate 90% of foreign trade of the country. Cartagena, Barranquilla and
Santa Marta, are the main ports of the Colombian Caribbean. Meanwhile, in the Pacific,
Buenaventura has become the country's main multipurpose port, the epicenter of much
of the exports and imports of non-traditional products.
Regarding to road infrastructure development, Colombia is not as developed as other
countries of the region 11 .The road program Fourth Generation held by Santos
government represents an amount of 25 billion US$ approximately. This project aims to
improve the country's competitiveness by lowering logistics costs of freight transport
from points of production to export ports. This major road infrastructure program
involves the construction and operation of more than 8,000 km of roads.
DISCLAIMER
“The positions expressed are those of the authors and do not necessarily reflect the official opinion of the European
Union. Neither the European Union nor any person acting on behalf of the European Union is responsible for the use
which might be made of this information. Neither the European Union nor the ElanBiz consortium members are
responsible or may be held accountable for any loss suffered as a result of reliance upon the content of this Fact Sheet.”
11
http://www3.weforum.org/docs/WEF_GlobalCompetitivenessReport_2014-15.pdf
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Fiche ELANBiz Country profile Colombia
Main internal markets
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Fiche ELANBiz Country profile Colombia